E& Enterprise Rebrands UAE Trade Connect to haifin
The platform's newest brand focuses on fraud detection.
UAE Trade Connect (UTC), an e& enterprise company and the first commercialized blockchain platform to enhance trade finance in the UAE, has unveiled its new brand identity, haifin. The name haifin encapsulates the platform's roadmap to tackle current market challenges and expand its solutions globally, particularly its fraud-detection capabilities.[1]
haifin's solution offers real-time management of various trade-related documents, ensuring transparency and privacy between multiple organizations. Deployed locally on e& enterprise’s E1Cloud platform, its proprietary technology validates trade finance transactions, identifies duplication, and combats potential fraud effectively.
Since its commercial launch in 2021, the haifin network has experienced significant growth, with 15 lending institutions, including major UAE banks and fintechs like DP World Financial Services and Beehive, now part of the consortium. Notable banking members include Abu Dhabi Commercial Bank (ADCB), Dubai Islamic Bank, and Emirates NBD PJSC, with additional institutions in advanced discussions to join.
Since its inception, the platform has inspected transactions worth over AED 200 billion ($54.45 million) and identified potential frauds worth millions of dirhams.